To familiarize everyone with key socioeconomic terms and concepts, we have this new social media series.
For this week, our buzzword is "innovation”.
It refers to a new or significantly improved product or process, or a combination thereof, developed for practical use and to generate notable advancements or benefits.
Innovations are often aimed at solving problems, enhancing efficiency, or creating new opportunities in various fields such as technology, business, and science.
Source: Oslo Manual 2018
Based on the results of the 2021 PIDS Survey of Innovation Activities, the Mindanao (41.1%) and Visayas (36.1%) island groups have the biggest share of firms that are innovation-active. They outranked Luzon, including the National Capital Region, in terms of product innovation, process innovation, and ongoing innovation activities.
Know more about innovations in the country by reading “The Extent of Innovation in Philippine Business and Industry: Results of the 2021 PIDS Survey of Innovation Activities” at https://www.pids.gov.ph/publication/discussion-papers/the-extent-of-innovation-in-philippine-business-and-industry-results-of-the-2021-pids-survey-of-innovation-activities.